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Topshop Australia in voluntary administration

Business

Some of Topshop's Australian stores could close after the company operating them was placed in voluntary administration.

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Three partners from restructuring firm Ferrier Hodgson have been appointed voluntary administrators to Austradia, which operates nine stores, 17 Myer concessions and an online business.

Ferrier Hodgson’s James Stewart said the Topshop/Topman stores will be open as usual as administrators work with UK-based brand owner Arcadia Group to determine the right size for a sustainable Australian business.

Stewart said Austradia management are also working closely with administrators.

“Topshop/Topman is one of the world’s best known fast fashion retailers,” Mr Stewart said.

The fast fashion chain, which opened in Australia in 2011 to great excitement, has 760 employees and annual sales of approximately $90 million.

Employees will continue to be paid by the administrators.

Topshop operates out of Myer stores in Adelaide, in Rundle Mall and Tea Tree Plaza.

– AAP

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